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Tuesday, December 7, 2021

Bitcoin Price Touching $59K Could Be Harmful

The price of Bitcoin went below the price of $64,000 on the 12th of November, as it came down from its new all-time highs. According to data received from TradingView and Cointelegraph Markets Pro, it was noted that during the fluid market conditions on Friday, the BTC/USD exchange worked along with the range of $2,000.

The pair had previously spent days tracing sideways- a form of behavior that still didn’t show any signs of coming down. For most of the popular analysts in the cryptocurrency industry, such a price action from the cryptocurrency was not just expected- but also welcomed. 

Bitcoin Fluctuating Between the Price of $59k- $61k

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Galaxy, a trader on Twitter, stated that a drop to a price of $59k which would then follow some consolidation could be the best way to function for Bitcoin in the bull run. The trader further clarified that while it could possibly not take place, either way, it would still be quite healthy for both altcoins and BTC- so preparations would be appreciated. A potential dip in price was further hinted at when the rates of funding remained slightly above on exchanges, with a couple of exceptions. 

The fluctuating tale of Bitcoin was reciprocated among most of the altcoin markets, with Ether seemingly matching the roughly daily losses of BTC. Several of the top 10 cryptocurrencies by market cap saw losses that were deeper than 6% or more- which also included Polkadot and Solana. 

With repeated hits to the biggest money-maker in the crypto industry- Bitcoin- the overall market cap of the entire crypto sector went down below the level of $3 trillion after it touched it for the first time this week. 

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